ZIONSVILLE, IND. — Montecito Medical has acquired a 12,294-square-foot medical office building in Zionsville, a northwest suburb of Indianapolis. The purchase price and seller were undisclosed. Completed in 2020 and fully leased, the building serves as the new location for a primary care provider in Zionsville. The asset is located at 10649 Bennett Parkway near I-465. The transaction marks Montecito’s fourth medical office asset that it has acquired in the area.
BENSENVILLE, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a single-tenant retail building occupied by O’Reilly Auto Parts in Bensenville for just under $3 million. The 7,427-square-foot property was developed as a build-to-suit for the tenant. Chad Firsel of Quantum represented the seller, a Chicago-based development company, and the buyer, a Houston-based commercial real estate firm.
ST. PETER, MINN. — Kraus-Anderson has begun the $60 million expansion of the Lund Center at Gustavus Adolphus College in St. Peter, about 70 miles southwest of Minneapolis. Designed by BWBR Architects, the 72,000-square-foot project includes new and improved spaces for wellness and academic programs in health and exercise and athletic training. Academic programs within Lund Center prepare students for careers in healthcare, education, coaching, athletic training and strength and conditioning. Phase I, which is expected to cost $21.6 million and be completed in spring 2022, will expand wellness facilities and include an expanded weight room as well as cardio and group fitness spaces. A new academic wing will house improved classrooms and faculty offices. A third-floor student lounge and recruitment area will be added for student and faculty use. Phase II calls for the construction of a new human performance lab, a 53,000-square-foot field house, a 118-seat lecture hall and locker rooms.
CHICAGO — Kiser Group has brokered a condo deconversion sale in Chicago’s Lakeview neighborhood for $32.2 million. Known as The Barry Quad, the three-building condominium property includes 115 units. Andrew Friedman and Jake Parker of Kiser represented both the seller, Barry Quadrangle Condominium Association, and the buyer, North Park Ventures. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. The city of Chicago recently increased the required owner approval to 85 percent. Sellers then have the option to either move out of their units or lease them back from the new owner.
SPENCER, IND. — Bradley Co./RESOURCE has arranged the sale of a 258,375-square-foot medical manufacturing facility in Spencer, about 17 miles northwest of Bloomington. The sales price was undisclosed. Boston Scientific has occupied the building, located at 780 Brookside Drive, since 1988 and uses the site for producing instruments for its endoscopy and urology divisions. An expansion of the property began in July 2019. Boston Scientific will utilize the new space for administrative functions to free up more production space. Joshua Abrams, Sam Smith and Mitch Doner of Bradley, along with Camille Renshaw and Tim Hain of B+E Net Lease, represented the undisclosed seller.
BEACHWOOD, OHIO — Industrial Commercial Properties (ICP) has acquired a 112,000-square-foot office and industrial building located at 23550 Commerce Park Drive in Beachwood, an eastern suburb of Cleveland. The purchase price was undisclosed. ICP has already begun a renovation and restoration of the property, including a new façade, flooring and LED lighting. It will be available for lease by early summer. This transaction represents ICP’s 10th acquisition in 2021 and its first in Beachwood. The company’s portfolio includes more than 150 properties totaling 42 million square feet in five states.
CHICAGO — Parkview Financial has provided a $9.8 million loan for the construction of a 48-unit apartment project in Northwest Chicago. The two-building, four-story development will also include 10,400 square feet of ground-floor retail space and 56 parking spaces. A joint venture between Noah Properties and MPM Holdings is developing the project. Construction has commenced and completion is slated for late 2021.
By Ted Bickel and Jeff Budish, Colliers MSP At the start of the pandemic last spring, conversations with developers, investors and operators varied from discouraging to catastrophic. Everyone expected the worst. Luckily for the industry, that is not what happened. Amid a year of great uncertainty across the economic spectrum, the Twin Cities multifamily market showed a great deal of resilience, overcoming many challenges in 2020. 2020 recap Considering that the marketplace was nearly frozen for the second quarter of 2020, overall transaction volume for 2020 was surprisingly strong. Minnesota saw a considerable uptick in activity toward the end of the year, driving annual totals up to just short of $1.3 billion. A strong bounce-back in the second half of the year speaks to strong demand drivers and generally solid operating performance — even during the economic shutdown. However, while vacancies did not run up, as many had feared, collections and bad debt suffered. Understandably, many tenants struggled to pay rent as stimulus waned later in the year. This had a notable effect on net operating income. Overall, pricing did not change, while cap rates lowered to some extent. Inexpensive debt, particularly from the agencies, was a large factor in …
WORTHINGTON, OHIO — Direct Retail Partners has received the final zoning approval to begin construction on Phase I of the redevelopment of the Shops at Worthington Place in Worthington, a northern suburb of Columbus. The project, known as High North, will transform the shopping mall into a mixed-use development, anchored by a 125,000-square-foot Class A office building. Five floors of office space will sit atop four levels of structured parking. The first floor will be surrounded by a WiFi-enabled public courtyard. Dining and grocery options like Panera Bread, First Watch, Pies & Pints and Kroger will remain in the development. About 21,000 square feet of the existing mall will be demolished, according to online news publication Columbus Underground. Collin Wheeler, Aaron Duncan and Brad Stricker of CBRE are marketing the office portion for lease.
FLORISSANT, MO. — First National Realty Partners has acquired The Shoppes at Cross Keys in Florissant, a northern suburb of St. Louis. The 339,464-square-foot shopping center is 93 percent occupied and features a 63,094-square-foot Schnucks and a 98,133-square-foot Home Depot. CBRE represented the seller, a Boston-based investment advisor. The sales price was undisclosed.